Asset Life Cycle

Wings Asset helps you track and manage each asset of your organisation through its entire life cycle, whether yours is a business enterprise, a not-for-profit organisation, or a government body. Identify every asset by a unique name or number, assign it to any location and track it till disposed off.

• Procurement, Purchases, Deliveries, Commissioning
• Identify every asset by a unique name or number
• Sale of Assets with automatic calculation of Profit/Loss
• Write off of Asset with automatic calculation of Loss
• Know everything about every asset owned
• Fixed Assets Register
• Depreciation Calculations – 2 bases, SLM & WDV
• Manage Insurance
• Manage AMCs

Assets

Wings Asset manages all kinds of assets easily:

• All assets, including buildings, plant and machinery, equipment, computers, vehicles
• User-defined classification
• Bought singly or in bulk
• Bulk Asset Creation Tool to help create masters of assets purchased in bulk (e.g.: 1000 chairs)

Asset Database

Wings Asset maintains a complete database of all assets including all relevant details like:

• Manufacturer
• Vendor
• Purchase date
• Commissioned date
• Purchase cost
• Warranty
• AMC
• Insurance
• Depreciation for books

Identify & Tag

With Wings Asset, you can identify and tag assets easily:

• Identify assets with unique numbers
• Tag labels to assets for stock taking in future
• Create unique labels for each asset to include name, location, classification and barcodes
• Manual or automatic generation of Asset Ids
• Print labels to stick on assets for identification (use permanent labels)

You can also design labels with the Wings Labels Designer and print the labels on adhesive sheets, plain paper; on laser printers or barcode printers.

Fixed Assets Register

Maintain the complete Fixed Assets Register with all details of each asset. Have a single database of all your organisation’s assets. And, ensure compliance with statutory obligations like company law etc.

Track User

Wings Asset helps you track the user of each asset:

• Attach each asset to a user (an employee)
• Track current possession or user of assets
• Track assets by location

Depreciation for books

Wings can calculate depreciation for accounts on straight line (SLM) or written down (WDV) methods, or both. Asset figures based on both methods are maintained and carried forward year to year.

• You can calculate Depreciation for books.
• Wings can manage depreciation on both SLM and WDV methods.
• Wings can do automatic calculation of depreciation.
• Depreciation can be calculated based on periods, like Monthly, Quarterly, Half-yearly etc.
• Written down values are carried forward to subsequent years.
• There can be a separate treatment for Low Value Assets as per Company law.

Depreciation for Income Tax

In addition to depreciation for books, Wings can calculated depreciation for taxes on block of assets basis.

• Block of Assets as per law, which can be user-defined
• Rates of depreciation assigned to individual Asset Types
• Depreciation can be calculated automatically
• Carry forward of written down values to subsequent year
• Insurance

Insurance Management

You can ensure all your assets remain insured, always. Avoid losses.

Wings helps you manage insurance cover for each asset. It captures insurance related data including renewal dates. It helps you with renewal information to ensure your assets do not remain uninsured.

• Specify if insurance to be tracked for individual assets
• Define insurance providers
• Specify insurance expiry
• Set Insurance expiry reminders
• Manage insurance expiry and renewal

Asset Maintenance Management

Wings helps you manage asset maintenance contracts and track renewals in a timely manner to ensure that your assets are not without an AMC cover.

Ensure all assets are covered by AMC:

• Specify if AMC should be for individual assets
• Specify AMC expiry
• AMC expiry reminders
• Manage AMC expiry and renewal

Warranty

Manage asset warranty expiry

• Specify if warranty to be tracked for individual assets
• Specify warranty expiry
• Warranty expiry reminders
• Manage warranty expiries